Diamondback Energy (NASDAQ:FANG) Stock Rating Upgraded by BidaskClub

Diamondback Energy (NASDAQ:FANG) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a report released on Saturday, BidAskClub reports.

A number of other brokerages have also recently issued reports on FANG. TD Securities decreased their target price on Diamondback Energy from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. BMO Capital Markets cut Diamondback Energy from an “outperform” rating to a “market perform” rating and set a $45.00 target price for the company. in a research report on Monday, June 29th. Goldman Sachs Group cut Diamondback Energy from a “buy” rating to a “neutral” rating and upped their target price for the stock from $49.50 to $50.50 in a research report on Monday, June 22nd. Mizuho upped their target price on Diamondback Energy from $61.00 to $62.00 in a research report on Friday, June 19th. Finally, Barclays upped their target price on Diamondback Energy from $34.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $63.78.

NASDAQ:FANG opened at $33.77 on Friday. The stock’s 50 day moving average price is $38.79 and its 200 day moving average price is $38.98. Diamondback Energy has a 52 week low of $14.55 and a 52 week high of $99.84. The company has a market capitalization of $4.90 billion, a P/E ratio of 6.21, a P/E/G ratio of 0.53 and a beta of 2.19. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.58 and a current ratio of 0.62.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.12. Diamondback Energy had a positive return on equity of 5.66% and a negative net margin of 81.81%. The firm had revenue of $425.00 million for the quarter, compared to the consensus estimate of $586.01 million. During the same quarter in the prior year, the company posted $1.70 earnings per share. The firm’s revenue was down 58.4% on a year-over-year basis. As a group, sell-side analysts forecast that Diamondback Energy will post 2.65 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. raised its stake in shares of Diamondback Energy by 2.3% in the second quarter. Ameritas Investment Partners Inc. now owns 11,207 shares of the oil and natural gas company’s stock valued at $467,000 after purchasing an additional 257 shares in the last quarter. Cerebellum GP LLC acquired a new position in shares of Diamondback Energy in the second quarter valued at $34,000. King Luther Capital Management Corp raised its stake in Diamondback Energy by 2.7% during the second quarter. King Luther Capital Management Corp now owns 10,502 shares of the oil and natural gas company’s stock worth $439,000 after acquiring an additional 272 shares in the last quarter. SRB Corp raised its stake in Diamondback Energy by 4.0% during the first quarter. SRB Corp now owns 7,198 shares of the oil and natural gas company’s stock worth $189,000 after acquiring an additional 278 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Diamondback Energy by 16.4% during the second quarter. Signaturefd LLC now owns 3,261 shares of the oil and natural gas company’s stock worth $136,000 after acquiring an additional 460 shares in the last quarter. Institutional investors and hedge funds own 92.56% of the company’s stock.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.

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Analyst Recommendations for Diamondback Energy (NASDAQ:FANG)

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